So the government decided the economy needs a kick start and as a result many college students will be receiving a $600 stimulus check soon. You can find out when you will receive your check at a handy site that the IRS set up. Recent polls have shown that many Americans intend to pay off debt with the stimulus. The government wants you to go out and spend the money on American made products, after all that is the point of the program. Here is what you should probably do.
First, if you have credit card debt, pay the sucker off. There is no reason to keep paying 18-plus percent interest on your debt, no matter the size. Get rid of it. And after you do so, don’t view it as a green light to start spending again - that’s how you got into debt in the first place. After your make well with your debt, now might be a good time to cut down to only one credit card.
If you don’t have debt, you aren’t off the hook quite yet. If you haven’t thought about one, now might be a great opportunity to look into a Roth IRA. A Roth IRA is a great way to start putting away money, and it can grow quite nicely as you age.
This all being said, go buy whatever you want. Only live once right? Oh, and check out How I Spent My Stimulus - you can see how lots of people decided to spend their stimulus checks.
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